Micro News

Police have arrested two Greek Cypriots and a Romanian who are suspected of cheating a foreign bank of €650,000 by obtaining a loan and presenting fake documentation to secure it. The Nicosia Crown Court heard that the perpetrators had opened a bank account on behalf of a shipping company whose main…


Cyprus has always been known as a market for not receiving much return on a real estate investment. When a property is rented in Cyprus, typically the income is only a proportion of its prevailing value. The returns have always been low, especially since before the 2008 real estate crisis there was a…


Cyprus will be among the countries hardest hit from deteriorating relations between the UK and the European Union post-Brexit, new research from the Centre for Economic Policy Research has shown. Smaller economies such as Cyprus, Malta, the Republic of Ireland and Luxembourg have a large trade surplus…


In an attempt to recover the Cyprus’ bad reputation with non-performing loans (NPLs), banks are now reportedly looking to restructure household loans, after almost supposedly exhausting all other restructuring possibilities with their large corporate clients, the Central Bank of Cyprus said in a statement.…


Hellenic Bank is currently Cyprus’s third largest lender, and has released a profit-loss analysis showing net losses of €63m last year, compared to 2015, where they achieved a net profit of €13m. The main reason for this loss was largely due to a deferred tax asset worth €51m being made redundant. The…


Bank of Cyprus is currently the island’s largest lender, and has released a profit-loss analysis via email for its 2016 earnings. The bank generated an impressive net profit of €64m, against a net loss of €435m from the previous year. Net interest dropped by 19% last year, reducing the lenders gross…


Finance Minister of Cyprus, Mr Harris Georgiades has stated that the island has proved naysayers wrong regarding Cyprus as an attractive investment destination following the banking sector crash and the real estate collapse four years ago. He went onto praise the governmental reforms in the banking sector,…



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